Comments on: Business Entity: Sole Proprietorship http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html Escape the Rat Race and Join My Journey to Financial Freedom Wed, 08 Feb 2012 15:12:46 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: jin hernandez http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-48132 jin hernandez Sun, 09 Oct 2011 10:05:17 +0000 http://www.millionaireacts.com/?p=1782#comment-48132 ok thanks, my only problem now is the BIR, the employees SSS, etc... is there any strict guidelines in assuming the BIR stuff like the business' income reflecting unto my ITR/financial statements instead under my father's. can i just renew the DTI permits directly under my name? ok thanks, my only problem now is the BIR, the employees SSS, etc… is there any strict guidelines in assuming the BIR stuff like the business’ income reflecting unto my ITR/financial statements instead under my father’s. can i just renew the DTI permits directly under my name?

]]> By: Tyrone Solee http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-48032 Tyrone Solee Sat, 08 Oct 2011 16:21:30 +0000 http://www.millionaireacts.com/?p=1782#comment-48032 Hi Jin, I asked a friend of mine taking up Law. He said sole proprietorship has no juridical personality of its own. It means that the assets of the business are the assets of the owner, in this case your dad. He can then transfer that to his heirs by succession, just like a normal inheritance. Hi Jin, I asked a friend of mine taking up Law. He said sole proprietorship has no juridical personality of its own. It means that the assets of the business are the assets of the owner, in this case your dad. He can then transfer that to his heirs by succession, just like a normal inheritance.

]]> By: jin hernandez http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-47414 jin hernandez Tue, 04 Oct 2011 00:22:46 +0000 http://www.millionaireacts.com/?p=1782#comment-47414 how do you transfer a sole proprietorship? My father(in his 70s) already wanted me to assume his clinic. we have about 9 employees. a friend advised that a better way to transfer is to close down the current business and register a new business name under my ownership with the DTI. but my father so requested not to change the business name and retain all the employees. how do i go about it. how do you transfer a sole proprietorship? My father(in his 70s) already wanted me to assume his clinic. we have about 9 employees. a friend advised that a better way to transfer is to close down the current business and register a new business name under my ownership with the DTI. but my father so requested not to change the business name and retain all the employees. how do i go about it.

]]> By: Rosanna http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-42793 Rosanna Tue, 26 Jul 2011 08:46:00 +0000 http://www.millionaireacts.com/?p=1782#comment-42793 Hi Tyrone, thanks for your prompt reply. Another questions that comes to mind, (1) must the store name be readied prior to my visit to DTI for registration?, (2) can i proceed with the processing of all the necessary requirements though actual business operation would probably take place after 6 months, like location, etc.? or, which must come first or would it be simultaneous? Thanks & Regards, Rosanna Hi Tyrone, thanks for your prompt reply. Another questions that comes to mind, (1) must the store name be readied prior to my visit to DTI for registration?, (2) can i proceed with the processing of all the necessary requirements though actual business operation would probably take place after 6 months, like location, etc.? or, which must come first or would it be simultaneous?

Thanks & Regards,

Rosanna

]]> By: Tyrone Solee http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-42664 Tyrone Solee Mon, 25 Jul 2011 10:35:05 +0000 http://www.millionaireacts.com/?p=1782#comment-42664 Hi Rosanna, yes, you can register for Sole Proprietorship with that kind of business. It's actually easier for you to register a sole proprietorship as compared, for example, to corporation. As for your second question, yes, I think you need to register that with the BTRCP of DTI and get the necessary business permit to operate. Hi Rosanna, yes, you can register for Sole Proprietorship with that kind of business. It’s actually easier for you to register a sole proprietorship as compared, for example, to corporation.

As for your second question, yes, I think you need to register that with the BTRCP of DTI and get the necessary business permit to operate.

]]> By: Rosanna http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-42515 Rosanna Sun, 24 Jul 2011 03:57:47 +0000 http://www.millionaireacts.com/?p=1782#comment-42515 I am planning to operate a store wherein for a start I will only sell 1particular merchandise (processed meat from Pampanga) then eventually add more food products. Would you consider this as a sole proprietorship? Do I need to secure and register this with BTRCP of the DTI? Must I undergo the usual procedure in securing a business permit? I am planning to operate a store wherein for a start I will only sell 1particular merchandise (processed meat from Pampanga) then eventually add more food products. Would you consider this as a sole proprietorship? Do I need to secure and register this with BTRCP of the DTI? Must I undergo the usual procedure in securing a business permit?

]]> By: Devon Business Directory http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6185 Devon Business Directory Thu, 29 Oct 2009 14:39:18 +0000 http://www.millionaireacts.com/?p=1782#comment-6185 I think sometimes a sole proprietorship is a good way to start, especially as it's much simpler - a limited company has a lot more bureaucracy to deal with. Also to some extent you can get insurance against liabilities. But when you get into bigger contracts, often they will require you to be a limited company. I think sometimes a sole proprietorship is a good way to start, especially as it’s much simpler – a limited company has a lot more bureaucracy to deal with. Also to some extent you can get insurance against liabilities. But when you get into bigger contracts, often they will require you to be a limited company.

]]> By: Tyrone http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6106 Tyrone Mon, 26 Oct 2009 23:46:43 +0000 http://www.millionaireacts.com/?p=1782#comment-6106 Yes, I made this site but I hired a web developer before to register the domain and for the hosting. With regards to the domain name "Millionaire Acts", it was born out of the Law of Attraction. The famous law in the movie "The Secret" which says that "if you want something, all the universe will conspire in helping you to achieve it." It has become my trademark since then in the blogosphere. :) Basically, I want to become a millionaire someday and that's why it was called "Millionaire Acts". With regards to the tag line, it's basically the goal of this site - to achieve financial freedom. In Third World Country like here in the Philippines, I think that right education and financial literacy are the keys to lessen if not to eliminate poverty. Yes, I made this site but I hired a web developer before to register the domain and for the hosting.

With regards to the domain name “Millionaire Acts”, it was born out of the Law of Attraction. The famous law in the movie “The Secret” which says that “if you want something, all the universe will conspire in helping you to achieve it.” It has become my trademark since then in the blogosphere. :)

Basically, I want to become a millionaire someday and that’s why it was called “Millionaire Acts”. With regards to the tag line, it’s basically the goal of this site – to achieve financial freedom.

In Third World Country like here in the Philippines, I think that right education and financial literacy are the keys to lessen if not to eliminate poverty.

]]> By: Financial Samurai http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6104 Financial Samurai Mon, 26 Oct 2009 18:30:17 +0000 http://www.millionaireacts.com/?p=1782#comment-6104 Intersting Tyrone. Did you incorporate this site? What are your thoughts on trademarking your name and tagline etc? Thnx man. Also, if you're serious about getting an MBA, and the $1,000 giveaway at Financial Samurai, I'm more than happy to talk to you more. Intersting Tyrone. Did you incorporate this site? What are your thoughts on trademarking your name and tagline etc? Thnx man.

Also, if you’re serious about getting an MBA, and the $1,000 giveaway at Financial Samurai, I’m more than happy to talk to you more.

]]> By: Gabe | freebloghelp.com http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6101 Gabe | freebloghelp.com Mon, 26 Oct 2009 15:18:49 +0000 http://www.millionaireacts.com/?p=1782#comment-6101 Right now, all of my businesses are LLC. For me, I find that LLC's are perfect for the protection that I need. Right now, all of my businesses are LLC. For me, I find that LLC’s are perfect for the protection that I need.

]]> By: Neo http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6098 Neo Mon, 26 Oct 2009 10:24:38 +0000 http://www.millionaireacts.com/?p=1782#comment-6098 Most freelance business can be termed sole proprietorship...if I'm correct. Anyway nice post....got to know something very important. TC Thanks Most freelance business can be termed sole proprietorship…if I’m correct.
Anyway nice post….got to know something very important.

TC
Thanks

]]> By: Tyrone http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6094 Tyrone Mon, 26 Oct 2009 05:51:59 +0000 http://www.millionaireacts.com/?p=1782#comment-6094 Legally speaking, yes, you still need to register it with BIR although a lot of small sole proprietorship companies don't. But I think that your customers or clients have the legal right to ask for a receipt for the product or service that you did for them. When that case happens, you cannot issue one and your business can become a subject for scrutiny. Legally speaking, yes, you still need to register it with BIR although a lot of small sole proprietorship companies don’t.

But I think that your customers or clients have the legal right to ask for a receipt for the product or service that you did for them. When that case happens, you cannot issue one and your business can become a subject for scrutiny.

]]> By: romeo http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6091 romeo Mon, 26 Oct 2009 05:09:48 +0000 http://www.millionaireacts.com/?p=1782#comment-6091 di ba yan yung mga business na mayroon lamang maliit na kapital. tama ang nabasa ko, sayo lahat ng risk, pero if magtagumpay sayo din LAHAT ng kita... di ba yan yung mga business na mayroon lamang maliit na kapital. tama ang nabasa ko, sayo lahat ng risk, pero if magtagumpay sayo din LAHAT ng kita…

]]> By: livingstain http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6090 livingstain Mon, 26 Oct 2009 05:07:54 +0000 http://www.millionaireacts.com/?p=1782#comment-6090 kailangan ko pa bang iparehistro sa BIR ang business kong ako lang ang may ari, una sa lahat hindi naman ako nagiissue ng resibo kasi hindi naman araw-araw ay may customers ako... kailangan ko pa bang iparehistro sa BIR ang business kong ako lang ang may ari, una sa lahat hindi naman ako nagiissue ng resibo kasi hindi naman araw-araw ay may customers ako…

]]> By: Rocky Garcia http://www.millionaireacts.com/1782/business-entity-sole-proprietorship.html#comment-6087 Rocky Garcia Mon, 26 Oct 2009 04:10:20 +0000 http://www.millionaireacts.com/?p=1782#comment-6087 Although sole proprietorship is complicated, it still the best way to earn income. Tyrone is right. Once your business grow you'll need a lot of capital and resources to keep your business running smooth. Thanks for posting! There's a lot of things to learn here! :-) Although sole proprietorship is complicated, it still the best way to earn income. Tyrone is right. Once your business grow you’ll need a lot of capital and resources to keep your business running smooth.

Thanks for posting! There’s a lot of things to learn here! :-)

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